Primerica Business Opportunity Insider’s Review: Is It For Real?
I was involved in their network marketing business opportunity years ago. Primerica, formerly a subdivision of Citigroup, now a publicly held company, provides life insurance, mutual funds, home loans, and other various financial products. Their insurance is rated A+ by A.M. Best, and over all, they offer excellent products.
Primerica’s philosophy to praise and encourage their members comes from the founder, A.L. Williams. In fact, I highly recommend his book Pushing Up People – a great read for any type of a leader, of a sales force especially, if you want to motivate your team members and make them feel good about themselves. They really endorse this culture and it was one of the things I loved about this company. They believe in educating people with the type of things financial companies usually don’t want consumers to know. I can’t put a price on what I learned about insurance, credit cards, and retirement funds was very valuable and the knowledge will always stay with me.
Licensing Requirements Make It Difficult
Primerica’s classic slogan is Buy Term and Invest the Difference. What it means is to buy term life insurance instead of pricier cash value life, and invest the difference in mutual funds. As you can probably guess, these two are their main products. To become an insurance agent, you will need to complete the training course; 52 hours in California. To become a mutual funds agent, you will need to pass the securities series 6 exam which you most likely need to study for a few weeks. There are other products you can sell without the complex training or licensing, but their best residual income is in mutual funds. Until you are licensed in both, your income may be limited.
Products for Families
Primerica has products for a wide range of consumers, but they are best suited for families with own home and children. In fact, they have a guideline of what to look for in a prospect; 1) between 25-45 years of age, 2) has a job, 3) home owner, 4) married, and 5) has children. People who meet all of the criteria are called 5 star prospects, and are considered to be the best recruiting candidates. When I was in Primerica, most of my friends were single, which made it difficult for me to recruit or sell to my warm market. I ended up making a lot of cold calls.
Lack of Online Marketing System
Primerica has yet to adapt an online marketing system. This may be due to the nature of their products; they probably have legality matters for marketing out of state and country. Obviously it is possible to make good money with this business, as it has been proven by a number of their millionaires. However, why limit yourself when you can go online and explode your market? If you are like me, you’ll probably like the idea of being able to close the deal with you not being there, and even while you are sleeping.
Primerica is a good company to get involved with. But whether you join them or not, the key to success in any business is to build your own leads and brand yourself so people will follow you, not your company or products. Once you are able to do this, you can make money anytime, anywhere.
